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v3.23.2

Derivative Assets And Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2023
Outstanding Commodity-Related Derivatives | The following table details our outstanding commodity-related derivatives:
| June 30, 2023 |  | December 31, 2022
| Notional Volume |  | Maturity |  | Notional Volume |  | Maturity
Mark-to-Market Derivatives |  |  |  |  |  |  |
(Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Fixed Swaps/Futures | (233) |  |  | 2023-2024 |  | 145 |  |  | 2023
Basis Swaps IFERC/NYMEX (1) | (57,360) |  |  | 2023-2024 |  | (39,563) |  |  | 2023
Power (Megawatt): |  |  |  |  |  |  |
Forwards | — |  |  | 2023-2029 |  | — |  |  | 2023-2029
Futures | 90,935 |  |  | 2023-2025 |  | (21,384) |  |  | 2023
Options – Puts | 18,400 |  |  | 2023-2024 |  | 119,200 |  |  | 2023
Options – Calls | (124,000) |  |  | 2023-2024 |  | — |  |  | —
(Non-Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | 53,123 |  |  | 2023-2025 |  | 42,440 |  |  | 2023-2024
Swing Swaps IFERC | (36,990) |  |  | 2023-2024 |  | (202,815) |  |  | 2023-2024
Fixed Swaps/Futures | (2,350) |  |  | 2023-2025 |  | (15,758) |  |  | 2023-2025
Forward Physical Contracts | (640) |  |  | 2023-2025 |  | 2,423 |  |  | 2023-2024
NGLs (MBbls) – Forwards/Swaps | (7,914) |  |  | 2023-2026 |  | 6,934 |  |  | 2023-2025
Crude (MBbls) – Forwards/Swaps | (47) |  |  | 2023-2025 |  | 795 |  |  | 2023-2024
Refined Products (MBbls) – Futures | (3,308) |  |  | 2023-2025 |  | (3,547) |  |  | 2023-2024
Fair Value Hedging Derivatives |  |  |  |  |  |  |
(Non-Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | (43,435) |  |  | 2023-2024 |  | (37,448) |  |  | 2023
Fixed Swaps/Futures | (43,435) |  |  | 2023-2024 |  | (37,448) |  |  | 2023
Hedged Item – Inventory | 43,435 |  |  | 2023-2024 |  | 37,448 |  |  | 2023
(1)Includes aggregate amounts for open positions related to Houston Ship Channel, Waha Hub, NGPL TexOk, West Louisiana Zone and Henry Hub locations.
Interest Rate Swaps Outstanding | The following table summarizes our interest rate swaps outstanding (including USAC’s), none of which were designated as hedges for accounting purposes:
Term |  | Type(1) |  | Notional Amount Outstanding
June 30, 2023 |  | December 31, 2022
Energy Transfer: |  |  |  |  |  |
July 2024(2) |  | Forward-starting to pay an average fixed rate of 3.388% and receive a floating rate |  | $ | 400 |  |  | $ | 400 |
USAC: |  |  |  |  |  |
April 2025 |  | Pay a fixed rate of 3.785% and receive a floating rate (effective April 2023) |  | 700 |  |  | — |
(1)Floating rates are based on SOFR. (2)Represents the effective date. These forward-starting swaps have terms of 30 years with a mandatory termination date the same as the effective date.
Fair Value Of Derivative Instruments | The following table provides a summary of our derivative assets and liabilities:
|  | Fair Value of Derivative Instruments
|  | Asset Derivatives |  | Liability Derivatives
|  | June 30, 2023 |  | December 31, 2022 |  | June 30, 2023 |  | December 31, 2022
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity derivatives (margin deposits) |  | $ | 35 |  |  | $ | 87 |  |  | $ | (12) |  |  | $ | (7) |
|  | 35 |  |  | 87 |  |  | (12) |  |  | (7) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity derivatives (margin deposits) |  | 705 |  |  | 506 |  |  | (667) |  |  | (411) |
Commodity derivatives |  | 69 |  |  | 95 |  |  | (71) |  |  | (108) |
Interest rate derivatives |  | 13 |  |  | — |  |  | (23) |  |  | (23) |
|  | 787 |  |  | 601 |  |  | (761) |  |  | (542) |
Total derivatives |  | $ | 822 |  |  | $ | 688 |  |  | $ | (773) |  |  | $ | (549) |
Derivatives, Offsetting Fair Value Amounts [Table Text Block] | The following table presents the fair value of our recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets that are subject to enforceable master netting arrangements or similar arrangements:
|  |  |  | Asset Derivatives |  | Liability Derivatives
|  | Balance Sheet Location |  | June 30, 2023 |  | December 31, 2022 |  | June 30, 2023 |  | December 31, 2022
Derivatives without offsetting agreements |  | Derivative assets (liabilities) |  | $ | 13 |  |  | $ | — |  |  | $ | (23) |  |  | $ | (23) |
Derivatives in offsetting agreements: |  |  |  |  |  |  |  |
OTC contracts |  | Derivative assets (liabilities) |  | 69 |  |  | 95 |  |  | (71) |  |  | (108) |
Broker cleared derivative contracts |  | Other current assets (liabilities) |  | 740 |  |  | 593 |  |  | (679) |  |  | (418) |
Total gross derivatives |  | 822 |  |  | 688 |  |  | (773) |  |  | (549) |
Offsetting agreements: |  |  |  |  |  |  |  |
Counterparty netting |  | Derivative assets (liabilities) |  | (64) |  |  | (85) |  |  | 64 |  |  | 85 |
Counterparty netting |  | Other current assets (liabilities) |  | (622) |  |  | (359) |  |  | 622 |  |  | 359 |
Total net derivatives |  | $ | 136 |  |  | $ | 244 |  |  | $ | (87) |  |  | $ | (105) |
We disclose the non-exchange traded financial derivative instruments as derivative assets and liabilities on our consolidated balance sheets at fair value with amounts classified as either current or long-term depending on the anticipated settlement date.
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table summarizes the location and amounts recognized in our consolidated statements of operations with respect to our derivative financial instruments:
| Location |  | Amount of Gain (Loss) Recognized in Income on Derivatives
|  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Commodity derivatives – Trading | Cost of products sold |  | $ | 2 |  |  | $ | 11 |  |  | $ | (10) |  |  | $ | 28 |
Commodity derivatives – Non-trading | Cost of products sold |  | (8) |  |  | (175) |  |  | 60 |  |  | (192) |
Interest rate derivatives | Gains on interest rate derivatives |  | 35 |  |  | 129 |  |  | 15 |  |  | 243 |
Total |  |  | $ | 29 |  |  | $ | (35) |  |  | $ | 65 |  |  | $ | 79 |

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